NOTRE DAME — Plans for a new $61 million research center at Notre Dame have local leaders looking to cash in. It's expected to bring new business and new jobs to the area.

State and local leaders, university officials and representatives from IBM made the announcement late Tuesday afternoon at Notre Dame.

The nanoelectronic research center will focus on new technology to make cell phones, computers and other electronic devices faster, more powerful and compact.

It will eventually be housed at the new Innovation Park at Notre Dame along State Road 23.

It will be one of four of its kind across the country, and those in economic development say it has a lot of potential for change in our area.

"We've got a tremendous table that's being set in front of us," explained Patrick MacMahon with Project Future. "We're invited to the game, and we have a tremendous opportunity to benefit from this if we, as a community, understand how to step up and take advantage of it."

In fact, those involved say a nanoelectronic research site in New York ended up attracting nearly $4 billion in investment and created 1,000 new jobs.

They expect the technology here to start rolling out in the next 3 to 5 years.

"When that new platform is found, companies are going to be very interested in building new products, using this new chip, and so we think there will be a great opportunity for those companies to locate here," said South Bend Mayor Steve Luecke.

But how does he ensure South Bend doesn't miss out on the opportunity?

He points to the old Studebaker Corridor.

"We are clearing land in the old Studebaker Corridor that we will dedicate toward the development of nanoelectronic products, further research by other companies that want to come here and set up shop in South Bend," said Luecke.

The city is also investing $1 million in the center. The state is providing $15 million.

Notre Dame is leading the research, but it involves a network of universities across the region. One-third of the research will take place at Purdue University.